After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded. The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors. It is expected that the Court will approve of the filing and appoint receivers for Saab Automobile very shortly.

Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.

Comments

The American automobile landscape has its fair share of defunct carmakers & brands that are part of the dustbin of history...De Lorean, Packer Motors, Pontiac, Oldsmobile, Mercury...sorry Saab - time for you to join them.

Reel$$....I drove a Chinese built Buick during my last visit to China and I couldn't find anything wrong with it. Our Chinese built ultra high efficiency heat pumps, large flat TVs, cordless phones, Desktop PC, etc are all working very well and never required any maintenance. The $1 silk ties I brought back are second to none.